The Bank of Canada dropped the overnight rate by 25 basis points to 2.5%. Assessments of economic uncertainty and ongoing inflation pressures were sighted as contributing factors for the cut.
With the drop in rates and the fall season upon us, buyer confidence has improved. Even with economic uncertainty being on everyone’s mind, the market is showing increased stability and consistent demand. Some areas of the Island have showed year-over-year increases in sales and inventory, suggesting a balanced market.